CAN YOU RESPOND TO THIS STUDENT 50-100 WORDS.
The first step to identifying your target market is to identify the demographic you wish to serve. These demographics include age, gender, location, income, family size. These demographics will help you target the particular market you desire. Additionally, think of hobbies and interests these people may have that might also help the business and give creative ways to reach out to the target market.
The most frequent and effective way to identify a market is through research. Researching through the Internet and primary and secondary research. The Internet is a great source to use to gather data. Data such as customer surveys, questionnaire, focus groups, and even competition. This data paints a better picture about the target market behaves as far as, their buying habits and the time they are likely to buy.
Once all the needed data is completed, you can now evaluate the market. Basically, their income and their location can determine how much the business will make. A t which point, prices can be determined, the location of the business can also be sorted out. The product or service can also be developed by evaluating this information.